Mark McLaughlin CEO of VeriSign resigns, Founder and Chairman Resumes CEO Duties

August 2, 2011 (Hosting Packages): VeriSign an internet infrastructure services provider company announced on July 29 that CEO Mark McLaughlin is resigning and the company founder and chairman will resume the post of CEO.

Mark served VeriSign since last two year as CEO of the company. As per VeriSign statement, Mark is leaving the company to become CEO of some un-named private company and because of this resignation Founder and Chairman Jim Bidzos will resume his previous duties as CEO from August 1.

Mark has resigned from the board but he will remain on board members until August 25, according to a company regulatory filing.

“We can’t thank Mark enough for his contributions as CEO over the last two years, as well as during his tenure with Verisign going back to 2000,” said Jim Bidzos, founder, and chairman of Verisign. “We all wish him the very best in his new opportunity. I am especially appreciative that Mark will stay until August 25th to assist with the transition.”

Apart from Mark’s departure, VeriSign also reported its higher revenue in the second quarter but also saw a quarterly loss after factoring in debt and special dividend expenses.

VeriSign shows revenue of $189.8 million is a 13% increase from the same period last year with a quarterly net loss of $10.6 million which equals to 6 cent loss per share.

This loss is significant as for the same period last year company saw a net income of $35.2 million which equivalent to 19 cents per share.

VeriSign’s adjusted net income was $65.4 million, or 38 cents per share, which is an increase from last year’s $42.3 million, or 23 cents per share.

The company ended the quarter with 110 million active .com and .net domain names, which accounts for an 8 percent increase over the previous year.

Meanwhile, the company saw 8.1 million new domain registrations, which accounts for a 2 percent increase over the previous year.

A look at the regulatory filing sees that Bidzos will now earn $750,000 in annual salary and another $4 million in restricted stock to vest quarterly between August 1 and August 1, 2012. Last year, McLaughlin earned a base salary of $752,885.

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